Ministry of Economic Development has announced a new loan scheme worth over USD 12 million for small and medium scale entrepreneurs in Maldives.
This year, the Economic Ministry has also introduced a new loan scheme targeting businesses run by Maldivian women. This loan scheme aims to cater to women who are interested to expand their scope in the business sector.
Briefing the media, Deputy Minister of Economic Development Adam Thaufeeq revealed that this year, the ministry aims to invest over USD 12 million to boost small and medium scale enterprises in the country.
Deputy Minister Thaufeeq revealed that about 20 percent of this investment is expected to be utilized under the guest house loan scheme. The Deputy Minister assured that the ministry would continue previously existing loan schemes such as "Faseyha Madhadhu" and revealed that the application window for these schemes would be opened this month.
Various businesses have flourished and expanded its scope in the business sector via the loan schemes provided from the ministry, as per information revealed by the Economic Ministry. Economic Ministry also noted the significant incline in the involvement of youth in such activities.
Expansion of small and medium scale enterprises is one of the prime focuses of the administration of President Abdulla Yameen Abdul Gayoom. As part of this objective, Ministry of Economic Development has been carrying out various training programmes and leasing loans such as guest house loan and "Faseyha Madhadhu loan" to boost these businesses.